During the housing boom (prior to the housing crash), few homebuyers wanted to bother with renovation projects. New homes and those in move-in condition were the ideal. That’s still true for many buyers. But others are finding that a well-done remodeling job can save them a lot of money.

Fixer-uppers are getting attention because:

Home prices are high in many cities, and a fixer-upper may be the only affordable choice in decent neighborhoods.

Home decorating and improvement TV shows inspire many buyers to use remodeling to get a home that’s perfectly suited to them.

Lovers of period homes always want to restore older structures.

However, the wrong remodeling project can become a money pit that strips your bank account right down to the studs. Here are 15 ways to identify the fixer-uppers worth your time and money:

Runaway water can wreak havoc on any home, and a leaky roof is its quickest way in. If the home has an asphalt roof, look for cracked, curled and missing shingles. Gutters, downspouts and leader pipes should also be in place to collect rainwater and channel it away from the house.

If your nose wrinkles when you enter a home, that’s a sign of problems. A home that emits bad smells may have a dangerous gas leak, sewer or septic problems, or mold — all of which require expensive remedies. Save your money for improvements you can enjoy.

Musty and dank smells come from mildew or mold. Mold is not always visible and may be inside walls. Don’t assume you won’t find mold in a dry, arid climate. It can be caused by condensation inside walls.

But be careful of committing to a home with leaking windows. Water seeping into a home through window leaks can cause untold — and unseen — problems from rot and mold. You can’t tell how bad the problems are without removing the windows.

12. Spot a bad location

Become an expert on the neighborhood. Bargain homes are often in less desirable areas. Knock on doors on the street and chat with neighbors about crime. Your job is to assess how bad a neighborhood is and whether it’s really going to turn around.

Even if you don’t have children in school, your home’s next buyer might. So learn about the quality of local schools. Get neighborhood crime statistics from the police. Assess the home’s proximity to jobs, stores, banks, cafes, restaurants and playgrounds.

Once you’ve found a home that passes muster, hire a well-regarded home inspector to professionally look at the structure from top to bottom. This typically costs a few hundred dollars. Don’t buy a home without a professional inspection.